Bank of Maharashtra has received its board’s approval to raise Rs 650 crore through issue of equity capital by way of preferential allotment in favour of government. The company’s board gave approval for the same at its meeting held on January 03, 2018. The relevant date for ascertaining the issue price is fixed as January 17, 2018.
The government had on October 24 unveiled a Rs 2.11 lakh crore two-year roadmap for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support and equity dilution.
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.
